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LONDON (Alliance News) - Blue chip oil company BP PLC on Monday said it and Italian oil major Eni Spa have signed a heads of agreement with the Ministry of Oil & Gas of Oman to explore Block 77 in central Oman.
Under the agreement, BP and Eni will work towards the awarding of a new exploration and production sharing agreement for the 3,100 square kilometres onshore block, which contains the producing Khazzan gas project.
"This would represent a further deepening of BP's important position in Oman, building on our successful delivery of the major Khazzan project in 2017 and its second phase of development that is currently under construction," said Upstream Chief Executive Bernard Looney.
"We look forward to continuing to explore and efficiently develop the country’s resources, working in close partnership with Eni and Oman to underpin our commitment to delivering long-term gas production for Oman," Looney added.
Shares in BP were down 0.4% at 518.97 pence on Monday.